(Adds background on Shell, rivals' plans to spin off renewables
businesses)
Oct 27 (Reuters) - Activist investor Daniel Loeb's Third
Point took a large stake in Royal Dutch Shell and has
urged the European oil major to split into two separate
companies, the Wall Street Journal reported on Wednesday.
The stake is worth more than $500 million, making Third
Point one of the largest investors in Shell, the report said,
citing people familiar with the matter.
Shell and Third Point did not immediately reply to Reuters
requests for comment.
The fund believes Shell should consider creating two
stand-alone companies - one housing its legacy businesses and
the other focused on renewables, the WSJ reported, citing a
letter to the company's investors on Wednesday that was seen by
the newspaper.
Shell, which is due to publish third-quarter results on
Thursday, is the world's biggest fossil fuel retailer and aims
to become one of the world's biggest renewable electricity
traders.
Smaller Shell rivals Eni and Repsol have
already flagged plans to spin off parts of their renewables
businesses to help finance their transition to offering more
lower-carbon products.
(Reporting by Arathy S Nair in Bengaluru; Additional reporting
by Shadia Nasralla; Editing by Arun Koyyur and David Holmes)